Travel Insurance for Expensive Single Items

[Archie]

When we travel overseas with our expensive DSLRs, most generic travel insurance won't quite cut it as they have a per-item claim limit (usually around S$500 per item).

With our DSLRs ranging into the thousands, is there any travel insurance available which will cover large ticket single item insurances?

[cervello]

Archie, this is a regular question I do get in my line of work.

I do not have access to all the travel insurance policies available in the market, however, I do share your concerns - I have my EOS system with 70-200, a 17-35/2.8 as my primary lenses - not forgetting a couple of f/1.8 primes. Most companies would tally the camera body and the lenses under the "pairs and sets" clause, under various common names.

The concept of insurance of any form, is to pool the premiums paid by participating individuals, and with statistics of a large pool of people, the insurer must be able to have a net payout lesser than the premiums collected. Any insurer that is unable to do so, will raise the premiums (!!!) or although it is far unlikely, to shut down its business because it just became "charity".

I am aware that many of us, bring gear that is worth over S$10,000 or so, but if we level out the premiums to justify for one person's loss of such equipment, it is far likely to have two key effects:

1. More people will be encouraged to bring such sets overseas and likely to increase the claim rate;
2. The premiums will rise.

May I offer to clarify that the purpose of travel insurance is to protect against especially sudden situations or illnesses that are dicey, and may even require immediate evacuation. If you've been following the newspapers in the last few months, the young lad who was involved in the jet ski accident in Thailand was not covered by travel insurance, and the hospital billing and repatriation of his mortal remains chalked up to S$30,000 or so, if my memory serves me correct.

Yes, I am not aware of any travel insurance that would cover beyond $500 ($1,000 if you're lucky!)... because the increased cost would drive the masses to purchase from another insurer, when they could be mistakenly thinking that Company A is cheaper (lower premiums) while Company Z is more expensive (higher premiums to cover higher loss ratio). The same principle could be said of motor insurance when it comes to renewal time - I'm sure you or your family and friends would have complained about it before.

Hope this answers your question - albeit long-winded.

[Juggernaut]

What if we are willing to pay for it? Or is there no such policy at all?

[cervello]

I'm afraid even if you're willing to pay for it, a company will still need to underwrite your request separately.

I believe Lloyd's at http://www.lloyds.com/Lloyds/Offices/Asia/Singapore might be able to work out something for you; they aren't an insurance company per se, but a special society that does does take up somewhat unusual conditions that most insurers may choose to avoid.

When I say "unusual", I mean it in the good sense.

Please refer to this: http://en.wikipedia.org/wiki/Lloyd's_of_London

Cheers!

[The Miracle]

Apologies to jump a new question: what about camera gear stored at our own homes? Which insurance will cover those? Fire/theft?

Or perhaps a new thread should be opened for this?

[cervello]

Apologies to jump a new question: what about camera gear stored at our own homes? Which insurance will cover those? Fire/theft?

Or perhaps a new thread should be opened for this?

Hi Miracle,

As for this topic, there will be some technical overlap. This thread is meant for overseas trips, while you're talking about insuring gear locally.

Generally speaking, our camera kit can be insured - but there may be a limit that a Homeowners' Home & Content insurance policy would cover for any Pairs and Sets.

Assuming it is $2,000 in a policy that you have - while your kit is say, $9,000. Your excess $7,000 MAY be covered by an additional specific Contents insurance. However premium rates will have to be assessed separately, and upon claims, you MAY be required to have your original receipts (we go through auditing too, you know?) or an assessor may be called in.

This is a very generic answer, I can only advise in specific upon knowing your unique situation. Cheers!

[Winema31]

I just join in,The future Exchange